Canadian startup OneVest, the provider of a comprehensive wealth-as-a-service platform, has raised approximately $14 million USD (equivalent to $17 million CAD) in a Series A funding round. The round was led by OMERS Ventures, with participation from existing investors Luge Capital, Panache Ventures, AAF Management, FJ Labs, and newcomers Fin Capital, Pivot Investment Partners, and Deloitte Ventures.

The funds will be allocated towards accelerating the company’s growth and facilitating expansion into the US market. The startup will also invest in expanding its team across various departments and developing new enterprise partnerships with Schedule 1 Canadian banks and large wealth-management firms.

OneVest, established in Calgary and Toronto in 2021 by Amar Ahluwalia, Jakob Pizzera, and Nathan Di Lucca, provides a broad spectrum of customers, including FinTech companies, credit unions, traditional banks, and wealth management firms, with a platform that simplifies product launches.

The platform enables financial institutions to seamlessly integrate and configure various wealth-management offerings based on their individual needs. In addition, it allows companies to automate and streamline administrative tasks, traditionally dependent on manual processes.

The company anticipates its entry into the US market to take place within the year, with CEO Ahluwalia acknowledging a strong interest from American enterprises. OneVest already boasts a robust portfolio of enterprise clients and is on track to announce new partnerships with Canadian banks and wealth-management firms shortly.

OneVest has a track record of successful partnerships, having collaborated with Neo Financial in 2022 to manage its investment portfolios and teamed up with corporate-credit startup Caary and FinTech Nuula to launch a super app in Canada.

OneVest’s vision encompasses a comprehensive platform that drives the entire wealth management value chain, from customer experience and portfolio management to custodian integration and trade execution. Its mission is to enable financial institutions to launch or modernize their wealth programs, thus improving the overall client and advisor experiences.

Laura Lenz, a partner with OMERS Ventures, commended OneVest’s impressive growth, stating that they have “consistently been able to sign new customers at an accelerating pace. It is clear there is a need in the market, and they are meeting it.”

OneVest’s platform is rich with features, such as modular plug & play capabilities, goals-based investing, broker/FIX integration, multi-custodian integration, reporting & analytics, and automated trading/rebalancing. It aims to provide a seamless and connected experience for all stakeholders.

As the wealth industry evolves due to changing investor expectations, OneVest is committed to empowering challengers and incumbents to make investing better for everyone. This latest funding round signals the startup’s readiness to drive this change forward.